Publish websiteOil PriceThe American newspaper reported on a report in which it talked about China’s efforts to bring about a massive economic transformation that would make it dominant in the field of renewable energy.
The website said, in its report, which was translated by “Arabi 21”: The Chinese economy is changing, and the consequences of its radical transformation will be felt around the world. After decades of growth and massive infrastructure construction, the capacity to add more is dwindling.
As a result, the Chinese economy is slowing, the real estate bubble is bursting across the country, and unemployment rates are worsening. About 11.79 million students are expected to graduate from universities this year in China, at which point they will join the legions of job seekers, many of whom have been unemployed since the start of the Covid-19 pandemic four years ago.
As a result of all this economic turmoil, the country’s production and consumption patterns will change dramatically, with consequences for the entire global economy and worldwide energy trade, as well as international undertakings related to climate and the environment in general. As the International Energy Agency stated in its groundbreaking World Energy Outlook 2023, “China has changed the world of energy, and it is changing now.”
The website stated that the local market in China is unable to absorb more manufacturing and construction. “The country already has a world-class high-speed rail network, and its per capita residential floor area is currently equal to that of Japan, although its per capita GDP is much lower,” the International Energy Agency’s latest World Energy Outlook report said. “This saturation indicates a decline in future demand in many energy-intensive sectors such as cement and steel.”
The site noted that Chinese manufacturers do not behave in the same way as manufacturers in free market countries. Just because demand for a particular product decreases, does not mean that China will necessarily stop producing it. There are growing concerns in international circles that China is overproducing a long list of items and will soon be burdened with overall excess capacity for a large number of products, as domestic consumption patterns shrink.
The main concern is that China will try to push an abundance of solar panels, electric cars, and other products onto the global market at deep discounts, flooding the market and using high prices.
In addition to working to double its manufacturing capacity in the face of this major economic change, China is also trying to shift its economic output away from outdated manufacturing trends and towards more green and digital sectors. While the job market in the rest of the country is feeling the pressure, employment levels in automation and new energy are in stark contrast to the economy as a whole, which continues to grow at a healthy pace.
According to figures from Zilian Chaobin, an online recruitment platform in China, job postings in industrial automation in the first half of 2023 rose by 7 percent year-on-year, while job openings in new energy grew by a whopping 36 percent. percent in the same period. The number of wind energy engineer jobs and engineering supervision jobs increased by 738 percent and 322 percent, respectively.
“Under the policy guidance, the demand for clean energy – especially the number of wind energy projects – is growing rapidly, requiring more wind energy engineers to engage in research, development, design, construction and maintenance,” said the Zilian Zhaobin platform report.
The site confirmed that China already dominates the global clean energy sector, and these numbers indicate continued rapid growth in the near term. This is causing problems for global competition, as other major energy-producing countries, especially the United States, have begun to invest too little – and too late – in building their green energy capabilities.
China has been outpacing its competitors for years now; In the past year, the United States has quadrupled its spending on clean energy, has well-established clean energy supply chains around the world, and has a monopoly at a number of key supply chain points. China produces about 80 percent of the world’s solar panels, 60 percent of electric cars, and more than 80 percent of electric car batteries. It produces and processes 60 percent and about 90 percent of the world’s rare earth minerals, which are essential components of clean energy infrastructure, including electric vehicle batteries and photovoltaic solar panels.
Although the scale of their dominance in this sector has serious and frightening geopolitical drawbacks, it is very hopeful for global climate trends. While China’s control of clean energy supply chains is unpopular in the West, and with good reason, it connects with affordable clean energy components at a time when they are needed most.
Moreover, the saturation point in the domestic market indicates a downward trend in the country’s significant energy demand, especially for industries that are difficult to decarbonize such as the steel industry. As a result, China’s fossil fuel consumption will stabilize and then begin to gradually decline, while its clean energy capacity continues to grow.
2024-01-27 03:29:51
#Economic #reform #China…a #blueprint #renewed #hegemony #Arabic
